The U.S. Securities and Exchange Commission took significant action on Wednesday when it narrowly passed contentious and complex new rules around money market funds, but in the process its efforts seemed to please no one and possibly opened the door for critics to mount a legal challenge.
Power giant Energy Future Holdings Corp. said Wednesday it is scrapping its prearranged restructuring deal and needs time to develop a new Chapter 11 plan, and asked a Delaware bankruptcy judge to extend its exclusivity periods by six months.
A Texas judge is expected to award Energy Transfer Partners LP more than $500 million after the company won a jury finding that Enterprise Products Partners LP had breached a partnership agreement to build a crude oil pipeline, sources say.
A New York federal judge on Wednesday tossed a shareholder derivative action claiming JPMorgan Chase & Co. leaders knew Bernard Madoff was engaged in fraud but turned a blind eye to preserve its lucrative profits from Madoff-related business, finding it didn't plead particularized facts.
French officials placed UBS AG under formal investigation Wednesday for alleged money laundering, ordering the Swiss banking giant to put up bail of €1.1 billion ($1.49 billion) in a growing probe of claims that it helped wealthy clients dodge French taxes, The Wall Street Journal reported.
General Motors Co. on Wednesday said it is recalling 717,949 recent-model vehicles in the United States in six separate actions for a variety of reasons, all unrelated to the ignition switch defect.